In the case of The Conjuring (and most horror movies, for that matter), the studio hasn’t encountered that issue.
Horror lends itself to a smaller budget, and that creates an environment where risk and innovation are rewarded rather than punished.
Even the original Annabelle (the worst reviewed entry in the franchise) made its meager $6.5 million budget back almost 40 times over.
The reason for this is simple: a studio doesn’t want to risk a nine-figure budget on a film that might not earn its money back.
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